Electrolux: Bank of America cuts to 'underperform'
(CercleFinance.com) - Bank of America downgraded Swedish appliance maker Electrolux to "underperform" from "neutral" on Thursday, citing its relative performance both year-to-date and in the last three months (+16% and +32% compared to the STOXX Europe 600 Industrial Goods & Services index, respectively).
BofA analysts also expressed concerns about a lack of longer term visibility, consumer confidence recovery in a post-Covid environment, lower margins and cost duplication in North American operations.
Bank of America still maintained its target price on the stock, at 175 Swedish kronor.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
BofA analysts also expressed concerns about a lack of longer term visibility, consumer confidence recovery in a post-Covid environment, lower margins and cost duplication in North American operations.
Bank of America still maintained its target price on the stock, at 175 Swedish kronor.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.